Clean Energy Technologies Receives Nasdaq Deficiency Letter

Clean Energy Technologies, Inc. (NASDAQ: CETY) recently disclosed in an SEC filing that on November 5, 2024, it received a deficiency letter from the Nasdaq Listing Qualifications Department. The notification highlighted that for the last 30 consecutive business days, the closing bid price of the company’s common stock had fallen below the minimum requirement of $1.00 per share for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).

While the deficiency letter specifically addresses the company’s stock price, Clean Energy Technologies confirmed that there are no additional deficiencies linked to its ongoing listing on The Nasdaq Capital Market. Consequently, the Nasdaq deficiency letter does not have an immediate impact on the listing of the company’s common stock, which will continue to trade under the symbol “CETY” at this time.

As per Nasdaq Listing Rule 5810(c)(3)(A), Clean Energy Technologies now has a grace period of 180 calendar days, stretching until May 5, 2025, to regain compliance with Rule 5550(a)(2). The firm has the opportunity to rectify the situation by ensuring that the bid price of its common stock closes at $1.00 per share or higher for a minimum of 10 consecutive business days before the deadline. Upon achieving this, the Nasdaq Listing Qualifications Department will issue written confirmation of compliance.

In the event that Clean Energy Technologies fails to meet the compliance deadline by May 5, 2025, the company could potentially be granted an additional 180-day period to rectify the situation. During this subsequent period, the firm would need to adhere to all the necessary listing prerequisites for The Nasdaq Capital Market, excluding the minimum bid price requirement. Clean Energy Technologies would also need to communicate its intent to remedy the deficiency to Nasdaq during this extended compliance window.

Clean Energy Technologies has expressed its commitment to closely monitoring the closing bid price of its common stock and has assured stakeholders that it will explore all available avenues to address the deficiency and regain compliance with Rule 5550(a)(2).

The report was signed by Kambiz Mahdi, the Chief Executive Officer of Clean Energy Technologies, on November 8, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Clean Energy Technologies’s 8K filing here.

About Clean Energy Technologies

Clean Energy Technologies, Inc designs, produces, and markets clean energy products and integrated solutions that focuses on energy efficiency and renewable energy in the United States. It operates through four segments: Clean Energy HRS and CETY Europe, CETY Renewables Waste to Energy Solutions, engineering and Manufacturing Business, and CETY HK.